NZDUSD Bullish Bat on Hourly Cautious trading
I see this Bat pattern on the NZDUSD which completes at around the 0.68860. Trade should be taken only if the price touches the green vertical line Time Zone Fibonacci else the pattern is not valid.
I would expect RSI to go below the 30% and form some sort of w formation before I take the trade
Keep in mind that this is a counter trend trade as the major trend on this pair is bearish.
Stop loss should be placed under the X point somewhere around the 0.68110 area and targets at CD 0.382% and 0.618% at around 0.69208 and 0.69411 perspective.
Monitor this trade closely if taken exit trade at first signs of down trend continuation.
Should this pattern fail and price continues to go down it would confirm that the major down trend strength
I would expect RSI to go below the 30% and form some sort of w formation before I take the trade
Keep in mind that this is a counter trend trade as the major trend on this pair is bearish.
Stop loss should be placed under the X point somewhere around the 0.68110 area and targets at CD 0.382% and 0.618% at around 0.69208 and 0.69411 perspective.
Monitor this trade closely if taken exit trade at first signs of down trend continuation.
Should this pattern fail and price continues to go down it would confirm that the major down trend strength
Trade closed: target reached